Financing for Oak View Ranch
Murrieta Apartments Senior Units
Adams Avenue Affordable Housing Project
Development Services Department
Presentation by
City Planner, Carl Stiehl
Public Hearing Item # 7 City Council February 18, 2025
Received After Agenda Printed
2/18/2025 - Regular Meeting
PUBLIC HEARINGS - Item No. 7
Presentation
2 Project Site
Project: 200 Affordable Units,
Approved by City Council June 2022
Land Use and Zoning:
• 24960 Adams Avenue, 6 acres
• General Plan – Multi-Family
• Housing Element – Housing Site
• Downtown Specific Plan
• Zoning – Residential - Multi Family (RMF)
3 Site
Plan
4 Elevations
SIDE ELEVATION VIEW FACING ADAMS AVE INTERIOR FACING ELEVATION
INTERIOR POOL FACING ELEVATION
INTERIOR PASEO FACING ELEVATION
5 Overview
California Statewide Communities
Development Authority
• Founded/Sponsored by League of Cities
• JPA
• Over 530 Municipalities in the State
• Assist local governments & non-profits
• Low-cost, tax-exempt financing to
improve the quality of life
Tax Equity and Fiscal Responsibility Act
• TEFRA
• IRS Code (Federal)
6 Project Funding
• CSCDA $25 million in bond financing
(City previously approved $40 million in 2023)
• No financial or legal obligation to
the City
• Developer is responsible for
repayment by agreement
7 Public Hearing
Required by IRS Code (Federal)
• City is local public body for
hearing under the Code.
• City conducts public hearing
and approves bond financing
for CSCDA.
8 1) Conduct a Public Hearing under the requirements of the Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, (IRS Code) as amended; and
2) Adopt Resolution No. 25-4804 entitled: A Resolution of the City Council of the City of Murrieta Approving the Issuance by the California Statewide Communities Development Authority of Exempt Facility Bonds for the Construction and Improvement of Certain Facilities for Phase Two of Oak View Ranch Senior Apartments.
Recommendation:
Financing for Oak View Ranch
Murrieta Apartments Senior Units
Adams Avenue Affordable Housing Project
Development Services Department
Presentation by
City Planner, Carl Stiehl
Public Hearing Item # 7 City Council February 18, 2025
10 Additional Slides